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re: Illinois Could be first state to file bankruptcy
Posted on 6/16/17 at 8:46 am to Strannix
Posted on 6/16/17 at 8:46 am to Strannix
Pressure should be applied from around the country and from his many fans here on PT to get Illinois greatest son(BHO) to volunteer to take oversight and write a plan to save his State. BHO can show the world how you can work your magic and return the State to solvency. 
0
Posted on 6/16/17 at 9:03 am to troyt37
Exactly. Its ridiculous that we have gotten to a point where you have to literally reach bottom before things change. People have no common sense anymore.
Posted on 6/16/17 at 9:05 am to Strannix
quote:
Illinois Could be first state to file bankruptcy
Thanks, Obama!!
Posted on 6/16/17 at 9:09 am to Strannix
The home state of Barack Obama, would be another fitting loss for him.
Posted on 6/16/17 at 9:13 am to back9Tiger
You're banking on Cali being the first when they lead country in state gdp
?
How deluded are you?
?
How deluded are you?
Posted on 6/16/17 at 9:23 am to Homesick Tiger
quote:
Led by a republican governor
You really think this all built up in the past 2 years a Republican has held the Governor office?
Posted on 6/16/17 at 9:32 am to Strannix
Illinois will 100% file bankruptcy. That state is bleeding money and people. Total mess.
Posted on 6/16/17 at 9:39 am to rocket31
quote:
You're banking on Cali being the first when they lead country in state gdp
?
If they pass single payer they will be filing for bankruptcy in the next 20 years
Posted on 6/16/17 at 9:40 am to rocket31
quote:
You're banking on Cali being the first when they lead country in state gdp ?
California's unfunded state and local pension liability is estimated at $450 billion. Who's the deluded one again?
Posted on 6/16/17 at 9:42 am to BigPerm30
quote:
Just the south side
Just beware of a man named Leroy Brown! Apparently Mr. Brown is a gambler who likes his fancy clothes, flaunts his diamond rings, and keeps a .32 in his pocket along with a razor in his shoe.
This post was edited on 6/16/17 at 9:44 am
Posted on 6/16/17 at 9:42 am to TheXman
1 person moves out of Illinois every five minutes.
These examples are why Federalism is important. You frick up your state, people leave.
These examples are why Federalism is important. You frick up your state, people leave.
Posted on 6/16/17 at 9:42 am to the808bass
quote:
California's unfunded state and local pension liability is estimated at $450 billion. Who's the deluded one again?
...and has to pipe in electricity and water.
Posted on 6/16/17 at 9:54 am to Ag Zwin
quote:
You really think this all built up in the past 2 years a Republican has held the Governor office?
Not at all. Maybe the rest of the post flew over your head. Point being, how can one expect anything positive to happen with that state's government when they vote one party in for governor but 57% vote to have a majority Democrat controlled state legislature. Two Democrat governors before the current Republican governor I'm sure was detrimental to their state governments. The facts seem to verify that fact.
So why did they vote two different ways for one objective?
Posted on 6/16/17 at 9:55 am to LSUTigersVCURams
quote:
It is actually impossible for states to declare bankruptcy under the Constitution unless Congress passes a special law allowing it (like the Puerto Rico act that passed last year). So basically, what that means is this is going to be a terrible mess that will probably take decades to sort out.
Well what can happen is vendors will no longer sell anything to them. Asphalt companies, concrete companies, the guy who makes those orange construction traffic barrels, the computer companies who sell them parts, car dealerships will no longer sell them cars.
If I were in their market I would not sell them anything that was not paid upfront.
It could be a huge clusterfrick.
Posted on 6/16/17 at 12:02 pm to Strannix
quote:I read an article earlier this week that said more than 50% of Illinois' operating general fund budget now goes to funding their local and state government employees' pensions. That's mind boggling.
Pension crises are going to affect a lot more states than Illinois.
There was a good article on Dallas, despite having one of if not the best municipal economies in the world they would still not be able to keep up with their pension obligations.
Posted on 6/16/17 at 12:08 pm to Strannix
A lot of people down here don't realize that Illinois is predominantly a rural state. My golfing buddy was raised on a farm in Illinois. When I told him about their financial problems he said "The fix is easy. Sell Chicago to Wisconsin. The rest of the state will do fine."
Posted on 6/16/17 at 12:09 pm to rocket31
quote:
You're banking on Cali being the first when they lead country in state gdp
?
How deluded are you?
gdp is irrelevant when spending is the issue
i'd imagine CA has the highest level of government spending to go along with that gdp
Posted on 6/16/17 at 12:22 pm to SlowFlowPro
quote:
gdp is irrelevant when spending is the issue
i'd imagine CA has the highest level of government spending to go along with that gdp
Well growth has a lot to do with it. The house of cards that are pension benefits can be sustained as long as things are growing.
Get a rust belt city like Detroit, or a rust belt state like Illinois or a failing economy like Greece and things to to hell real quick.
CA can at least afford their pensions...for now. Should enough tech companies head to greener pastures (literally in some cases) OR some type of tech bubble burst or any one of dozens of terrible scenarios happen CA will be in trouble.
But I don't think that is in the foreseeable future (next decade or so).
Posted on 6/16/17 at 12:29 pm to Strannix
This just made me feel better about Louisiana.
I didn't know that was possible.
Thanks Illinois!
I didn't know that was possible.
Thanks Illinois!
Posted on 6/16/17 at 10:29 pm to Homesick Tiger
quote:
So why did they vote two different ways for one objective?
Got it. Thanks for the calm answer.
Maybe electing a GOP governor was like putting a toe in the water. Training wheels. Pick a metaphor.
Reality is, though, it's Chicago that's killing the state. Nothing in Springfield can counter the People's Republic of Cook County.
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